HomeMy WebLinkAbout009 - 02/19/2008 - APPROPRIATING PRIOR YEAR RESERVES IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR EXPENDITURE ON PROJ ORDINANCE NO. 009, 2008
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE
DOWNTOWN DEVELOPMENT AUTHORITY FUND
FOR EXPENDITURE ON PROJECTS IN ACCORDANCE
WITH THE DOWNTOWN PLAN OF DEVELOPMENT
WHEREAS, on April 21, 1981, the City Council adopted Ordinance No. 046, 1981,
establishing the Fort Collins, Colorado, Downtown Development Authority (the "Authority");
and
WHEREAS, the Authority's Plan of Development was approved by the City Council on
September 8, 1981, and established the purpose of the Authority and the types of projects in
which the Authority would participate; and
WHEREAS, bond proceeds from 1999 through 2007 have accrued interest earnings in
the amount of$754,374, and
WHEREAS, staff has identified project savings of $713,667 that are currently in prior
year reserves; and
WHEREAS, Article V, Section 10, of the Charter authorizes the City Council to transfer
by ordinance any unexpended and unencumbered amount or portion thereof from one fund or
capital project to another fund or capital project, provided the purpose for which the transferred
funds are to be expended remains unchanged; and
WHEREAS, the Board of Directors of the Authority recommend to the Council of the
City of Fort Collins these expenditures on projects, passed and adopted at the regular meeting of
the Board of Directors of the Fort Collins Downtown Development Authority on the loth day of
January, 2008; and
WHEREAS, it is the desire of the Council to appropriate the sum of ONE MILLION
FOUR HUNDRED SIXTY EIGHT THOUSAND FORTY ONE DOLLARS ($1,468,041) from
prior year reserves for certain projects in the downtown area.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS that there is hereby appropriated for expenditure from prior year reserves in
the Downtown Development Authority Fund the sum of ONE MILLION FOUR HUNDRED
SIXTY EIGHT THOUSAND FORTY ONE DOLLARS ($1,468,041) to be used for the projects
stated below:
Mason Street Transportation Corridor Contribution $600,000
Funding for Beet Street 2008 300,000
Opera Galleria Atrium Door Project 117,300
Funding for News Rack Condominiums 100,000
Alley Master Plan 46,000
Funding for Downtown Ice Rink 2007 - 2008 40,000
Miscellaneous DDA Board Approved Projects 264,741
Total Projects $1,468,041
introduced, considered favorably on first reading, and ordered published this 5th day of
February, A.D. 2008, and to be presented for final passage on the 19th day of February, A.D.
2008.
'�Q %
May r
ATTEST:
City Clerk
Passed and adopted on final reading on the 19th day of F ary, A.D. 2008.
Mayor
ATTEST'
IL
City Clerk